Biloxi woman pleads guilty to stealing over $1M as credit union manager

By ASSOCIATED PRESS

NEW ORLEANS -- A Biloxi woman has pleaded guilty to stealing more than $1 million from the Louisiana credit union where she worked as a manager.

U.S. Attorney Kenneth Polite's office says 60-year-old Jacqueline Ray faces a maximum sentence of 10 years in prison and a $250,000 fine following her guilty plea Friday.

A court filing says Ray worked for the Ochsner Clinic Federal Credit Union for nearly 30 years and stole at least $1 million between 2007 and 2013 by creating approximately 149 fictitious loans.

Prosecutors say the proceeds from the bogus loans were converted to cash or deposited in accounts controlled by Ray.

This story was originally published February 27, 2016 at 1:32 PM with the headline "Biloxi woman pleads guilty to stealing over $1M as credit union manager ."